American Cities See Record Annual Foreclosure Rate Increases in Q2

Record high foreclosure rates in the second quarter were reported in Los Angeles, Seattle, Miami and New York, according to a report issued by PropertyShark

(Mortgage news daily) -- "The foreclosure chart is unfortunately starting to look like a ski jump, with the current number of new trustee sales this quarter increasing at one of the highest rates we have seen over the last two years," said Property Shark Foreclosures Product team member, Adina Dumitru. 

New York City reported 961 new household foreclosures in Q2 2008, a 49.22% increase from the Q2 2007. Single family homes located in Queens and Brooklyn made up the bulk of properties that were being auctioned, the report noted.